Corrit Electric has raised INR 5 crores in funding from Porush Jain, the creator of Sportskeeda.com. As an angel investor and entrepreneur, Jain has expressed confidence in Corrit Electric’s mission to provide clean, affordable, and efficient electric two-wheelers in the Indian market.
This funding will allow Corrit Electric to expand its operations and fund research and development projects. Over the next 3-6 months, the firm will focus on its Transit vehicle, which was introduced at Auto Expo 2023 and has received a lot of attention and demand from fleet operators and last-mile delivery organisations around the country.
Mayur Misra, Director and CEO of Corrit Electric, expressed thanks for Mr. Jain’s contribution, emphasising its importance in creating sustainable transportation solutions. The funding will be used to produce Transit, a high-speed last-mile delivery vehicle, as well as to improve R&D skills.
Corrit Electric aims to establish a presence in 25+ cities within the next 6 months. Porush Jain, sharing his perspective, highlighted his interest in sustainability startups and praised Corrit Electric’s team, emphasizing the excellence of their flagship vehicle, ‘Transit.’
The Transit, a delivery electric bike, received the CII Design Excellence Award in December 2023, with the company aspiring to make it a market leader in the last-mile delivery EV segment, leveraging its appealing design and robust features.